With mortgage rates still favorable, home prices rising and the number of existing homes on the market near record a record low, having sound financing is essential if you hope to purchase a home heading into the busiest homebuying season of the year. Here’s how a loan commitment gives you a head start against other buyers in the market.
Buying a home isn’t the right choice for everyone, but many renters self-exclude themselves from homeownership based on misconceptions they have about the home financing and homebuying process. If owning a home is a priority for you, don’t let these mortgage and homeownership myths discourage you from making it a reality.
Credit scores are a huge part of the loan approval process. They not only determine your eligibility for home financing but can also determine what mortgage rate you will qualify for. But what if your credit score falls on the lower side of the spectrum?
Think of all the tasks you no longer need to hire out. You don’t need a travel agent to book a vacation. You don’t need to hire a web developer to design a website. So in a DIY age with the world of real estate readily available at your keyboard, do you really need a real estate agent? Yes. Here’s why.
Rising rental costs, low mortgage rates, financial benefits, and the ability to customize your living space are just a few of the many reasons first-time homebuyers want to take the plunge into homeownership. Regardless, buying is a big commitment and it’s crucial to make sure it’s the right lifestyle and financial choice for you. Here are a few questions to ask yourself first.
Millennials made waves in the 2016 housing market as the largest generational percentage of homebuyers. They were more likely to skip over traditional starter homes and more likely to consider purchasing a new build. See what home features this young generation of homebuyers would choose when given an array of options.
The jolt of the recession affected the housing market in many ways, but a 2016 study says that one of those effects may become a longer-term housing market trend. In the economic downturn, adults lost their homes and adult children “boomeranged” home after college, and for some, living with multiple generations under one roof became commonplace. But as the economy has rebounded, multigenerational homes have become even more popular, stimulating a brand new market that is much more than a guest bedroom for in-laws over the holidays.
Down payment requirements, carrying other monthly debt and building mortgage-ready credit are common hurdles for today’s homebuyers. A relatively new mortgage product addresses these issues and makes home financing accessible to creditworthy low- to moderate-income homebuyers through Fannie Mae’s HomeReady™ program. Here’s how the HomeReady mortgage can benefit first-time homebuyers or homebuyers looking to purchase a multi-generational home.
Low existing home inventory isn’t new housing market issue. Low mortgage rates and rising home values have made many real estate markets extremely competitive with homes selling above listing price within a matter of days. According to the most recent existing home sales report, inventory is at its lowest in nearly two decades. Here’s how you can prepare for buying a home when inventory is tight.
Everyone knows buying a home comes with a vast array of decisions. One of the bigger choices is what home type is right for you. Do you place value on architectural features over energy efficiency? Are you looking for a home you can customize or are you an avid DIY-er? Choosing between purchasing an existing home, a newly built spec home or a new construction home comes down to several factors. Here are a few things to think about.